White Paper: Enhancing Business Growth and Opportunities for Veteran-Owned Businesses through National Veteran Business Development Council’s (NVBDC) Certification Program and Supplier Diversity Effort
Executive Summary
The National Veteran Business Development Council (NVBDC) is the original certification agency for service-disabled and veteran-owned businesses in the United States. Since its establishment in, 2013, NVBDC has been committed to promoting the growth and success of all veteran-owned businesses by providing them with access to business opportunities and resources.
The key program of NVBDC is its veteran business certification program, which provides businesses with a certification that verifies their veteran ownership and control. This certification helps veteran-owned businesses gain access to new markets, new customers, and new contracts.
In addition to certification, NVBDC also offers a supplier diversity program that connects veteran-owned businesses with corporations and government agencies that are committed to working with diverse suppliers. This program helps veteran-owned businesses gain access to procurement opportunities and expand their customer base.
This white paper explores the benefits of NVBDC’s veteran business certification program and supplier diversity program for veteran-owned businesses, corporations, and government agencies. It also highlights the impact of these programs on the veteran community and the US economy.
Section 1: Introduction
The veteran community has been an integral part of the US economy, contributing significantly to its growth and development. However, despite their contributions, veterans often face challenges when it comes to transitioning to civilian life and starting their own businesses.
NVBDC’s veteran business certification program and supplier diversity program have been designed to address these challenges by providing veteran-owned businesses with the tools and resources they need to succeed in the marketplace. In fact, according to the recently released 2022 Economic Impact Report by the Billion Dollar Roundtable, NVBDC Certified SD/VOBs have generated over $3.3 billion in new contracts with the 32 Corporations that belong to the Billion Dollar Roundtable, 28 of which are members of the National Veteran Business Development Council. The 2022 BDR Impact Report also notes that the aggregate Tier I supplier diversity spend of BDR member companies increased over the past year by $20 billion to $96 billion. It is important to note that NVBDC, as of Q1 2023, has over 160 Corporate Members, and the Tier 1 spend with NVBDC Certified SD/VOBs cited in the 2022 BDR Impact report only represents a portion of the spend with NVBDC Certified SD/VOBs.
Section 2: Benefits of NVBDC’s Veteran Business Certification Program
- NVBDC’s veteran business certification program provides businesses with a certification that HAS RIGOROUSLY verified their veteran ownership and control. This RECOGNIZED AND TRUSTED certification helps businesses gain access to EXCITING new markets, new customers, and new contracts. Some of the benefits of NVBDC’s HIGHLY RESPECTED veteran business certification program include:
- Access to New Markets: NVBDC’s certification provides businesses with access to new markets that are COMMITTED to working with veteran-owned businesses. This includes corporations and government agencies that are committed to working with VETERAN AND OTHER diverse suppliers.
- Credibility: The NVBDC TRUSTED AND RESPECTED certification provides businesses with HIGH credibility in the marketplace, demonstrating that they meet the highest standards of veteran ownership and control.
- Competitive Advantage: NVBDC’s certification gives businesses a competitive advantage over non-certified businesses, demonstrating their commitment to excellence and service.
- Increased Visibility: NVBDC’s certification provides businesses with increased visibility, making it easier for them to be found by potential customers and partners.
- Resources: NVBDC provides certified businesses with resources and support to help them succeed, including access to educational programs, networking opportunities, and mentoring.
Section 3: Benefits of NVBDC’s Supplier Diversity Program
Some of the benefits of NVBDC’s supplier diversity program include:
- NVBDC’s supplier diversity program connects veteran-owned businesses with corporations and government agencies that are committed to working with diverse suppliers.
- NVBDC actively pursues new corporate members and has implemented a “Corporate Request” program where corporations regularly provide pending contracting descriptions. NVBDC notifies the qualified SD/VOB that they have been included in the reply to the corporate request.
- NVBDC provides corporations and government agencies, access to a robust database of certified veteran businesses that allows them to search for new veteran suppliers and help them reach their diversity spend target.
- This program helps Veteran businesses gain access to procurement opportunities and expand their customer base.
- Access to Procurement Opportunities: NVBDC’s supplier diversity program connects veteran businesses with procurement opportunities that they may not have been able to access otherwise.
- Networking Opportunities: NVBDC’s supplier diversity program provides corporate and veteran businesses with networking opportunities that can lead to new partnerships and collaborations.
- Resources: NVBDC provides corporate businesses with resources and support to help them succeed in the supplier diversity space, including access to educational programs, mentoring, and coaching.
Section 4: Impact of NVBDC’s Programs on the Veteran Community and the US Economy
As the original certification agency for service-disabled and veteran-owned businesses in the United States, the National Veteran Business Development Council (NVBDC) has been making a significant impact on the veteran community and the US economy. Through its veteran business certification program and supplier diversity program, NVBDC has been empowering veteran-owned businesses and providing them with access to new markets, new customers, and new contracts.
The impact of NVBDC’s programs on the veteran community has been significant. By providing certification and access to resources, NVBDC has been helping veteran-owned businesses thrive in the marketplace. This, in turn, has created jobs and economic opportunities for veterans and their families.
According to a report by the Small Business Administration, veteran-owned businesses employ approximately 5.8 million people in the United States. These businesses have a significant impact on the US economy, generating $1.4 trillion in sales annually.
The Billion Dollar Roundtable (BDR) is an organization that recognizes corporations that have spent over a billion dollars with diverse suppliers. In recent years, there has been a growing focus on supporting businesses owned by service-disabled and veteran-owned businesses known as SD/VOBs.
As a result of this partnership, Billion Dollar Roundtable members have spent over $3.3 billion with NVBDC Certified SD/VOBs, creating a significant impact on the U.S. economy as shown below:
- $3.3B Tier I Spend
- $2B Payroll
- $3.7B Added value to GDP
- 44,498 # of jobs
- $6.7B Total Impact on Service-Disabled and Veteran-Owned Businesses.
NVBDC’s programs have been instrumental in helping veteran-owned businesses contribute to the economy. Through its certification program, NVBDC has certified over 2,000 veteran-owned businesses, providing them with access to new markets and customers. These businesses have gone on to secure contracts with corporations and government agencies, generating Billions of dollars in revenue.
NVBDC’s supplier diversity program has also been a game-changer for veteran-owned businesses. By connecting these businesses with corporations and government agencies that are committed to working with diverse suppliers, NVBDC has been providing them with access to procurement opportunities.
Through its supplier diversity program, NVBDC has helped veteran-owned businesses secure contracts with some of the largest corporations in the United States, including, Amazon, General Motors, and Walmart. These contracts have helped these businesses grow and expand, creating more jobs and economic opportunities for veterans, their communities, and their families.
In addition to the economic impact, NVBDC’s programs have also been making a significant impact on the veteran community in terms of support and resources. By providing access to educational programs, mentoring, and coaching, NVBDC has been helping veteran-owned businesses succeed in the marketplace.
For many veterans, starting a business can be a daunting task, but NVBDC’s programs have been providing them with the support they need to succeed. By connecting them with a community of like-minded entrepreneurs and providing them with access to resources and support, NVBDC has been helping veteran-owned businesses thrive.
In conclusion, the impact of NVBDC’s programs on the veteran community and the US economy has been significant. By providing certification, access to new markets, and procurement opportunities, NVBDC has been empowering veteran-owned businesses and helping them contribute to the economy. These businesses have gone on to create jobs and economic opportunities for veterans and their families, making a positive impact on the community as a whole.
